CmaBoardReleases
Title: Announcement regarding issuance of Disciplinary Board Resolution No. (95/2022 Disciplinary Board) (80/2022 Authority) and imposition of a fine against: Ajwan Gulf Real Estate Company for violating the Listing Rules
Announcement regarding issuance of Disciplinary Board Resolution No. (95/2022 Disciplinary Board) (80/2022 Authority) and imposition of a fine against: Ajwan Gulf Real Estate Company for violating the Listing Rules
For the following reasons:
For violating the provision of Item (1) of Article (1-15-1) of Module Twelve (Listing Rules) of the Executive Bylaws of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments, by evidence of the referred Company’s failure to submit a copy of its periodical financial statements that ended on 31/3/2022 during the legally specified period of forty-five days ending on 16/05/2022, the Company did not submit a copy of its financial statements until 03/07/2022.
The Resolution included the infliction of the following penalty: -
" Levying a financial fine against Ajwan Gulf Real Estate Company an amount of 3,000 KD (three thousand Dinars) for the attributed violation”.
In this regard, the CMA emphasizes the implementation of CMA Law and its Executive Bylaws on all persons dealing in securities activities, and urges them to comply with these Laws in order to promote investors' confidence, create a sound investment environment, and implement the Law according to the principles of fairness, transparency, and integrity in line with the best international practice.